5 Ways to Finance Your Business

Financing is one of the most challenging hurdles that businesses face. But the anxiety is just the tip of the iceberg. Considering the unstable economy, financial insufficiencies often become a roadblock for your business. 

You may start by cutting corners on essential branches of your business growth, or you might have to pass up on a talented workforce simply because you can't afford their expertise.

However, contrary to what you might think about how impossible it is for you to finance your business, there are options available to you. In this article, we’ll take a look at some of the best ways to finance your business in 2020.

Bank Loans

Yes, due to inconsistencies in the economy, getting approved for a bank loan can be difficult. However, that shouldn't keep you from trying. Several loan programs are specially designed for businesses. Plus, while most bank loans are for short terms, they do tend to be all-inclusive. 

The central concept behind bank loans for business is to help the customer capitalize on workforce capital, money management, and other operational requirements. Do make sure to check the interest rates of any bank loans you are offered.

Factoring

In short, factoring is a robust and specialized tool that helps to ensure that you have sufficient cash flow for your business. The main sentiment behind the technique is to sell your invoices to a third party. 

 The third-party pays you a set percentage of the invoice and then takes over recovering the funds. Factoring is not a deal without compromise, but it sure keeps your business running with the necessary hard cash that you receive.

Personal Savings

Perhaps one of the quickest methods of financing your business is to use your personal resources. This can be a crucial way to access money quickly and is an option for all business owners who have personal funds. 



One point to note here is that it’s a bad idea to withdraw money from a retirement plan or similar. You should also only use personal funds if you’re sure that you will be able to withdraw the money from the business at a later date.

Credit Cards

Using a credit card is a risky solution to finance your business, but a readily available option nonetheless. When you practice mindful spending, you can purchase what you need, when you need to, while also enjoying several discounts. 

The biggest downside to credit cards is that if you can’t pay the bills when they come in, you’ll start incurring interest. This can end up costing you more than you’d saved.

Crowdfunding

Crowdfunding is the method of raising a significant sum of money using a collective effort from your friends, family, customers, and individual investors. In order to crowdfund successfully, you’ll typically need to create a website that explains what you will use the funds for, and what the investor will receive should you receive the money you need. 

Some businesses will offer shares in exchange for money, while others will offer gifts. You may also be able to get people to donate for no reward depending on the reason for you needing money.

There are numerous ways to finance your business. The above five are just the most popular.

Damages You Can Be Compensated for After a Car Accident

Car accidents are horrific tragedies that you hope will never happen. However, after a car accident, you can easily get on the road to recovery. Let’s take a close and detailed look at three types of damage you can be compensated for after a car accident.

Medical expenses

To start things off, you can be compensated for medical expenses. Car accidents often leave people with permanent or temporary injuries that require treatment. When you go to the hospital, you can be reimbursed for a good portion of your expenses. 

This can largely depend on your health insurance and whether you were at fault for the accident. Regardless, you always want to look into the maximum amount of money you can receive. Hospital bills are no joke, but with a little bit of help, you can get yourself out of a sticky financial situation.

Pain and suffering

Next, judges will also compensate you for pain and suffering. Although this is impossible to quantify, it definitely exists after a severe accident. It's only right that you receive some sort of monetary reward for all of your suffering. 

This can fall in line with visits to therapists or doctors who work to correct your mental state. As long as you do your part to remain positive, car accident attorneys will cover the other half of pain and suffering.

Lost income

Last but not least, there's no way you can go to work for a couple of weeks after a major car accident. Nevertheless, you still need to pay your bills without a stable source of income. Therefore, compensation for lost income is very commonplace. The government will look at your monthly income and settle on a reasonable figure for compensation.

In conclusion, these are a couple of types of damage you can be compensated for after a car accident. You don't have to address this damage on your own. Follow these tips and secure some compensation for you and your family.

Top Financing Tips When You Need to Sue for Your Injuries

If you have been injured either as an employee or a customer due to a company's negligence, it can be difficult to try and put all the pieces together. With so much paperwork to file and so many people to consult with, it can all seem overwhelming. 

In the midst of it all, you still have bills to pay and groceries to buy, which can be difficult to finance if your injuries prevent you from working. Fortunately, if you find that you're almost out of money, there are several sources you can turn to.

Funding Drive

Depending on your specific situation, your story may attract attention if you or someone else posts it on a donation site such as GoFundMe. Though it's not a surefire way to stay afloat financially, a request for donations through a site like this can help inform people of your situation so that they can give money as they are able. 

Plus, by informing a wide audience of what's going on in your life, it may present other opportunities for help outside of monetary donations.

Lawsuit Loan

If a company's negligence has led to your injury, it's important that they are held accountable for their actions. That's why a lawsuit makes perfect sense in a situation like this. If you hire a skilled personal injury lawyer, the compensation you receive can be significant. 



Fortunately, you may be able to take out a lawsuit loan against the future value of this settlement, which can provide immediate cash to help you pay your bills.

Disability Payments

If your injury is severe, you may qualify for government disability payments to help you make ends meet. Though this can be a somewhat lengthy process, it's important to at least apply for disability payments so that you can have money coming in if you are approved. 

Your primary care physician will be a crucial part of the application process, so it's important to visit them soon after you receive your injury.

Home Equity Loan

Home equity, if you have any accrued, can be a great help during a time of need. By taking out a home equity line of credit, you can gain access to a low-interest loan that gets money in your pocket quickly. 

Of course, as with any loan, it's important to ensure that you will be able to pay it off before you put yourself in debt. However, if things are getting dire, this can make a great option.

In the midst of your suffering, there will be a lot of hoops that you have to jump through in order to receive the compensation that you deserve. Therefore, throughout the process, it's important to stay focused so that you meet the requirements to receive these various types of financing. This will help make your recovery easier so that you can get back on your feet sooner.

A Financial Advisor Can Help You Make Smart Financial Decisions

Selecting a financial adviser is no small decision, it can benefit or harm your chances for a comfortable retirement for many years.

The benefits of working with a financial adviser vary by individual as well as advisors are legitimately prohibited from promising returns. Yet, the study suggests average extra investment returns can range from 1.6% to 4.1% even more yearly.

SmartAsset's new tool makes it easy to locate the right financial adviser near you in just a few minutes. The no-cost device matches you with up to three regional fiduciary economic experts that have actually passed a strenuous screening procedure. They make sure each is registered with the U.S. Stocks and Exchange Compensation (SEC) or the appropriate state regulatory authority, have the proper licenses, and also have no pending or legitimate regulatory disclosures within the past decade.

Check out these 7 tips when picking a financial adviser. It can help you to find peace of mind and prevent years of anxiety.

1. A Fiduciary is the Best Kind of Financial Advisor

A fiduciary is a person who is bound to act in the individual's best interest. This obligation gets rid of the conflict of interest worries as well as makes an advisor's advice extra trustworthy.

Every one of the financial advisers on SmartAsset's matching platform is signed up fiduciaries. If your consultant is not a fiduciary and also continuously pushes investment items on you, use this no-cost tool to find a consultant who has your benefit in mind.

2. Don't Employ the First Expert You Meet

While it's tempting to hire the financial adviser closest to the house or the very first consultant in the yellow pages, this decision requires more time. Make an effort to meeting a minimum of a few advisors before choosing the very best match for you.

3. Do Not Select a Financial Adviser with the Wrong Background

Some financial advisers focus on retired life planning, while others are best for a local business owner or those with a high net worth. Some could be best for young professionals starting a family. Make sure to recognize an expert's strengths and also weaknesses - before signing the dotted line.

4. Do not Select an Advisor with an Inappropriate Strategy

Each advisor has a one-of-a-kind strategy. Some advisors may recommend hostile financial investments, while others are a lot more traditional. If you want only stocks, an expert that favors bonds, as well as index funds, is not an excellent match for your style.

5. Always Ask About Credentials

To offer investment recommendations, financial experts must pass an examination. Ask your advisor concerning their licenses, examinations, and credentials. Financial advisor examinations consist of the Series 7, as well as Series 66 or Series 65. Some advisors go an action better as well as come to be a Certified Financial Planner or CFP.

6. Understand Exactly How Advisors are Paid

Some financial advisers are "fee-only" and bill you a flat rate. Others bill a percentage of your assets under management. Some advisors are paid commissions by mutual funds, a significant conflict of interest. If the expert earns more by overlooking your best interests, do not hire them.

7. Do Not Hire an Expert by Yourself

Opportunities are, there are several very certified financial advisers in your town. Nevertheless, it can seem discouraging to pick one.

A no-cost tool makes it simple to locate the appropriate economic expert for you. Now you can be matched with up to 3 local fiduciary financial advisors that have actually been rigorously screened for regulatory disclosures and also to verify their licenses. The whole matching process takes just a few minutes.

How to Find a Land Agent

Land Agent

Are you looking to buy or invest in land or property? If so, one of the best ways to get information on the subject is to work with a land agent, sometimes also called a land broker. Of course, before you can work with a land agent, you need to know how to find one. 

Search by State

One easy way to find a land broker near you is to search state records. These can easily be found online just by searching for "land brokers" with your state's name or initials next to it. Once you do this, you may get a list of land brokers in the area. 

From there, you can click on a specific land broker to see their holdings or entities they work for/with or own. For example, one land broker that comes up if you search in Flordia is CEO Aubrey Ferrao.

Check Out News Stories

Another way to find your perfect land agent is to read up on news stories about land brokers in your area. These news stories often double as reviews. Going back to the Aubrey Ferrao example, you can easily find a Wall Street Journal article about her work to get a good idea of what she has accomplished in her field.

If you aren't sure where to look for news stories, the best thing to do is to check out some popular newspapers and websites that focus on giving advice to potential investors. Some of the most popular sources for information like this include Morningstar, MarketWatch, and Bloomberg. Keeping up to date with these sources and more can help to keep you up to date and educated on the topic.

If you want to learn more about land brokers, you need to make sure to do your research! These two source types are a good place to start. So, what are you waiting for? Find your perfect land agent today!

Reverse Mortgages and Retirement: How Your Home Can Help You As You Age

For many people, retirement is something they look forward to. For others, they fear it due to a lack of financial planning. However, even if you don't have a fat pension or a great investment plan, you can still retire comfortably during your later years if you are a homeowner. 

This can be done via a reverse mortgage that transforms the equity you have built up in your home into retirement income. Below are some of the benefits of using a reverse mortgage for retirement.

It Can Give You Cash

One of the biggest problems for retired seniors is not having enough monthly income. A reverse mortgage can help with this problem in two ways. If you are still making mortgage payments, it can eliminate that monthly expense after you refinance. 

 Then, any equity left can be used to produce a steady stream of retirement income. This can be a great help if you need more than Social Security and whatever retirement plans you have to make ends meet.

It Allows You to Stay in Your Home

One reason why some people are fearful of reverse mortgages is that they believe that they will be forced out of their homes. This is not true at all. The homeowner actually retains ownership of the home until they and their spouse pass away. 

Only then will it be transferred to the lender. The reverse mortgage can also end if you choose to move at some point. Still, it is an excellent option for those that want to continue living in their home permanently.

Your Heirs Won't Have to Pay for It

Another fear people have is that their children or other heirs will have to pay the bill if the amount of equity used exceeds the actual value of the house. This is also false. A reverse mortgage is a kind of financing known as non-recourse. 



What this means is the lender will have no ability to make a claim against an heir to pay for that debt. The responsibility for paying that debt isn't allowed to exceed the value of the home.

The Income Isn't Taxable

Another huge benefit you should be aware of is the fact that the income you receive from your reverse mortgage isn't taxable. This is due to the fact that the IRS categorizes the payments you receive as "loan proceeds." This is a significant advantage over other kinds of retirement income that can indeed be taxed by the federal government.

There are many benefits to having a reverse mortgage during retirement. However, taking out one may not be best for everyone. Consider the benefits, your plans, and your financial situation when making your decision. Get some advice on the matter. It may turn out that a reverse mortgage is right for you and your family.